Thai Thanachart says on track to buy Siam City stake
(Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Alan Raybould)

BANGKOK, March 25 (Reuters) - Thailand's Thanachart Bank, 51 percent owned by Thanachart Capital PCL (TCAP.BK), is on track to acquire a stake in Siam City Bank (SCIB.BK) despite criminal charges hanging over two of its managers, which could in theory scupper the deal.

"The acquisition plan will not be affected by the charges," Chairman Banterng Tantivit said in a statement on Thursday.

Two executives of the Thanachart group -- Banterng himself and Suphadej Poonpipat -- have been found guilty of not handling securities transactions properly during the 1997/1998 financial crisis.

The two have denied the charges and plan to file an appeal to a higher court, the statement said.

Thanachart Bank, 49 percent owned by Canada's Bank of Nova Scotia (BNS.TO), has agreed to pay about 32.7 billion baht ($1 billion) for a 47.6 percent stake in Siam City Bank BK> in Thailand's biggest acquisition in four years.

($1=32.34 Baht)

reuters.com